The World of Modigliani and Miller
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TheWorldofModiglianiand
Miller
RobertAlanHill
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Robert Alan Hill
The World of Modigliani and Miller
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The World of Modigliani and Miller
1st edition
© 2015 Robert Alan Hill & bookboon.com
ISBN 978-87-403-1062-7
3
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The World of Modigliani and Miller
Contents
Contents
Part One: An Introduction
9
1
An Overview
10
1.1
he Foundations of Finance: An Overview
11
1.2
he Development of Financial Analysis
12
1.3
Questions to Consider
17
1.4
Fisher’s Legacy and Modigliani-Miller
18
1.5
Summary and Conclusions
22
1.6
Selected References
22
Part Two: he Dividend Decision
24
2
How to Value a Share
25
2.1
he Capitalisation Concept
27
2.2
he Capitalisation of Dividends and Earnings
29
2.3
he Capitalisation of Current Maintainable Yield
31
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The World of Modigliani and Miller
Contents
2.4
he Capitalisation of Earnings
32
2.5
Summary and Conclusions
35
2.6
Selected References
35
3
he Role of Dividend Policy
36
3.1
he Gordon Growth Model
36
3.2
Gordon’s ‘Bird in the Hand’ Model
39
3.3
Summary and Conclusions
42
3.4
Selected References
42
4
MM and Dividends
43
4.1
he MM Dividend Hypothesis
43
4.2
he MM Hypothesis and Shareholder Reaction
45
4.3
he MM Hypothesis: A Corporate Perspective
47
4.4
Summary and Conclusions
51
4.5
Selected References
51
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